The musty old document that supposedly governs this country, the Constitution of the United States put into practice way back in 1789, makes no provision for the governmental institution that has proven the most influential of our time: the Federal Reserve. About the only clause in the whole multi-page document that might even remotely pertain to authorizing a Federal Reserve is this expression from Article 1, Section 8:
“The Congress shall have Power To….coin Money, regulate the Value thereof, and of foreign Coin, and fix the Standard of Weights and Measures….”
That’s it. You can search the document up and down for lines referring to the monetary authority of the country, and all that will turn up is stuff on Letters of Marque, Presidential Electors, and permission to tax slave imports up to $10 per.
It is not the case that banking, much less “central banking”—or paper money for that matter—did not exist 225 years ago, such that the Founders could have authorized a Fed had they ever heard of such a thing. Paper money was a “warehouse receipt” for gold or silver coin (or bullion) that an institution kept because it was more convenient for the owner of the money to conduct affairs without hauling precious metals around on one’s person.